Dussehra Festival: From Trading In Stock Market To Bank Holiday; Here's What Will Be Closed Today

Dussehra Festival: Citizens across many parts of India are celebrating the Dussehra festival which is also the end day of Navratri, on Tuesday. Due to this celebration, trading in the stock market and banks will be closed. Not all banks will be closed in the country, however, the majority of them will definitely not be working since it is one of the major public holidays.

Here are the key details of what will be closed today:

Banks Holiday:

As per RBI, banks that will be closed in cities are situated in -- Agartala, Ahmedabad, Aizawl, Belapur, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Dehradun, Gangtok, Guwahati, Jaipur, Jammu, Kanpur, Kochi, Kohima, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Shillong, Shimla, Srinagar, and Thiruvananthapuram.

However, banks that will be open today belong to the cities like Hyderabad - Andhra Pradesh, Hyderabad - Telangana, and Imphal.

Dussehra holiday is under the category of the Negotiable Instruments Act, as per RBI.

Bank holidays in India and for that matter, the public holidays are decided by the central government, the state government and the various union territories in the country. Certain transactions do require a visit to bank branches. Some of these can be --- account opening, cash receipts, cash payments, chequebook issues, opening and closure of fixed deposits, issuance of demand drafts, safe deposits locker, queries or operations related to current and savings accounts, updating or applying for passbooks, closure of advances and loans, and even investment advice among others.

Hence, if you plan to carry out any banking transactions today then check out the list to see if your bank is open or not.

Stock Market Holiday:

Trading will be shut in segments like equities, equity derivatives, SLB and currency today.

On Monday, Sensex erased its psychological 65,000 mark to end at 64,571.88, nosediving by 825.74 points or 1.26%, while Nifty 50 slipped below the 19,300 mark, to settle at 19,281.75, shedding 260.90 points or 1.34% in the day. The overall sentiment of the market stood volatile due to multi-year high treasury yields and escalating tensions in the Middle East on the backdrop of the Israel-Hamas war.

Talking about the market performance, Vinod Nair, Head of Research at Geojit Financial Services said, "Despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets. The global markets echoed the same trend, as the unrest in West Asia has the potential to spiral further. Increased apprehensions surrounding prolonged elevated interest rates fuelled a continued upward movement in the US 10-year yield."

He added, "Amid worries over moderation in growth on account of elevated interest rates and higher energy prices, heightened risk aversion was witnessed in the Indian mid- & small-cap space, banks, metals, and energy stocks. While a period of consolidation in the short term seems certain, the extent of this phase will be shaped by global factors."

Apart from this, some private companies in India will also be on holiday, especially the ones who follow stock market holiday pattern. Or some companies who simply follow Indian calender holidays will be closed as well.

Dussehra is a major Hindu festival which is celebrated every year usually the end of Navratri. Further, the festival is referred to as the tenth day of the month of Ashvin, the seventh in the Hindu Luni-Solar Calendar.

The festival which is also called Vijayadashami is celebrated as a victory of Rama over the notorious king Ravana who had abducted Rama's wife Sita. On this day, many regions of India attend a hearty fair where effigies of Ravana are burned as a sign of good winning over evil.